The Negative Outlook reflects the potential liquidity risks related to sustained negative free operating cash flow generation while the visibility on medium-term revenue generation remains limited.

The affirmation is driven by stable operating profitability and a strong order backlog, providing visibility on revenues until 2026, while weak diversification and limited size make the issuer vulnerable to adverse market developments.

The affirmation is driven by stable operating profitability, a strong order book and liquidity remaining adequate despite negative free operating cash flow due to increasing working capital needs.

The affirmation is driven by the strong order book, resilient interest cover despite the lower operating profitability and adequate liquidity with the recent capital injection providing additional unrestricted cash buffer.

The ratings are primarily driven by the company's market position and access to high-quality limestone with close proximity to customers but constrained by its small absolute size, below-average profitability and weak free operating cash flow generation.